TGS increases investment offshore Eastern Canada

07 May 2014OSE

HOUSTON (7 May 2014) - TGS announces the expansion of multi-client 2D surveys offshore Eastern Canada with plans to acquire more than 30,000 km of seismic data, in partnership with PGS, utilizing two vessels during the 2014 acquisition season.

The M/V Sanco Spirit, utilizing the PGS GeoStreamer® technology, will acquire seismic and gravity data in the Labrador Sea and Northeast Newfoundland-Flemish Pass areas. Data acquisition will commence during June 2014. This project will provide valuable data covering expected Areas of Interest (AOIs) to be released by Canada's Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) as part of the new land tenure system announced to the industry on 19 December 2013.  This new data will also complement TGS' existing 47,600 km of 2D data acquired during the 2011, 2012 and 2013 acquisition seasons in this region. Data processing will be performed by TGS and final data will be available to clients Q3 2015.

The M/V Atlantic Explorer, also utilizing the PGS GeoStreamer® technology, will acquire seismic and gravity data in the Tail of the Bank area of Southeast Grand Banks. Data acquisition will commence during July 2014. The Southeast Grand Banks 2D covers an initial 15,000 km to infill the existing TGS NF 101 Tail of the Bank 2D survey acquired in 2000, where it is expected the C-NLOPB will announce future AOIs.  Data processing will be performed by TGS and final data will be available to clients Q3 2015.

TGS complements these new investments with data from its expansive well log library and advanced multi-client interpretation products that will improve play, trend and prospect delineation.

"We believe offshore Eastern Canada is one of the world's newest energy frontiers and the region holds significant untapped potential. This season's commitment to two vessels will accelerate our expansion of regional coverage in support of Newfoundland-Labrador's provincial energy strategy, including more detailed coverage in the expected future AOIs," commented Rod Starr, Senior VP Western Hemisphere for TGS.  

Both of these projects have industry support.

To view TGS' updated vessel and crew capacity schedule, please click here.

To view the map, please click here.

TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Kristian Johansen
Chief Executive Officer
Tel: +1 832-667-4795

Will Ashby
SVP Investor Relations, HR & Communication
Tel: +1 713 860 2184